China’s state-controlled Changan Automobile establishes subsidiary in Germany
Company says its first subsidiary in Europe will perform marketing and engineering research to support further expansion on the continent
The fourth-largest state-controlled carmaker in mainland China, Changan said on Tuesday that its German unit, Changan Automobile Deutschland, will perform marketing and engineering research to facilitate the company’s further expansion in Europe.
“Establishment of the German subsidiary represents Changan’s determination in making a solid presence in Europe,” the carmaker said in a statement. “It is another step to enforcing our Vast Ocean strategy.”
Vast Ocean refers to Changan’s ambition to internationalise its businesses, with plans to build and sell more cars outside mainland China, where cutthroat competition has squeezed profit margins for both electric and petroleum-driven vehicles.
In April 2023, the company, based in Southwest China’s Chongqing municipality, said it would invest US$10 billion abroad by 2030, with the goal of selling 1.2 million vehicles a year outside China.
